Market Size of Mexico Automotive OEM Coatings Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.70 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Automotive OEM Coatings Market Analysis
The Mexico Automotive OEM Coatings Market was valued at USD 513 million at the end of the year and is projected to register a CAGR of 4.7% during the forecast period. The COVID pandemic negatively affected the automotive OEM coatings market as most automotive manufacturers closed their manufacturing activities. However, after Covid-19, automotive manufacturers resumed production work which helped to revive the market for automotive OEM coatings in the country.
- Over the long term, the major factor driving the market is the preference for personal transport. The consumer preference for private transport has grown over the recent years due to better development of roads and infrastructure, startup innovations in the car rental industry, and the availability of low-cost cars that are affordable for middle-class people.
- The harmful environmental impact of conventional coatings is expected to restrain the automotive OEM market in the country.
- The rising demand for electric vehicles offers various opportunities for market growth during the forecast period.
- In the application segment, the passenger vehicles segment is expected to dominate the market for automotive OEM coatings in the country.
Mexico Automotive OEM Coatings Industry Segmentation
Automotive OEM coatings are used to protect the vehicle body from corrosion. The coating applications include steps such as primer, basecoat, and clear coat, and top coat. Automotive OEM coatings will help to improve the appearance and performance of vehicles. The automotive OEM coatings market is segmented by application, technology, resin type and layer type. By application, the market is segmented into passenger vehicles, commercial vehicles, and ACE. By technology, the market is segmented into water-borne, solvent-borne, powder, and UV-cured. By resin type, the market is segmented into acrylic, alkyd, epoxy, polyurethane, polyester, and others. By layer type, the market is segmented into base coat, clear coat, electro coat, and primer. For each segment, the market sizing and forecasts have been done based on value (USD million).
| Application | |
| Passenger Vehicles | |
| Commercial Vehicles | |
| ACE |
| Technology | |
| Waterborne | |
| Solventborne | |
| Powder | |
| UV-Cured |
| Resin Type | |
| Acrylic | |
| Alkyd | |
| Epoxy | |
| Polyurethane | |
| Polyester | |
| Other Resin Types |
| Layer | |
| Basecoat | |
| Clearcoat | |
| Electrocoat | |
| Primer |
Mexico Automotive OEM Coatings Market Size Summary
The Mexico automotive OEM coatings market is experiencing a resurgence following the disruptions caused by the COVID-19 pandemic, which had led to temporary shutdowns in automotive manufacturing. The market is driven by an increasing preference for personal transportation, supported by improved infrastructure and the availability of affordable vehicles. However, the environmental impact of traditional coatings poses a challenge to market growth. The rising demand for electric vehicles presents new opportunities, particularly in the passenger vehicle segment, which is expected to dominate the market. Polyurethane-based coatings are widely used due to their durability and resistance to environmental factors, and advancements in eco-friendly coating technologies are anticipated to further propel market expansion.
Mexico's position as a significant player in the global automotive industry, being the sixth-largest manufacturer of passenger vehicles, underscores the importance of the OEM coatings market. The majority of vehicles produced are exported, with a substantial portion heading to the United States, supported by trade agreements like the USMCA. Despite challenges such as high raw material costs and semiconductor shortages, investments by companies like Ford to enhance electric vehicle production capacity are expected to bolster the market. The market is consolidated, with major players such as Akzo Nobel N.V., Axalta Coating Systems, BASF SE, PPG Industries, Inc., and The Sherwin-Williams Company playing pivotal roles in shaping the industry's landscape.
Mexico Automotive OEM Coatings Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Mobility Preference for Personal Transport
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1.1.2 Growing Demand for Better Interiors in Vehicles
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1.2 Restraints
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1.2.1 Fluctuating Automotive Industry
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1.2.2 Harmful Environmental Impact of Conventional Coatings
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1.3 Industry Value-Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Value in USD Million)
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2.1 Application
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2.1.1 Passenger Vehicles
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2.1.2 Commercial Vehicles
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2.1.3 ACE
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2.2 Technology
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2.2.1 Waterborne
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2.2.2 Solventborne
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2.2.3 Powder
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2.2.4 UV-Cured
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2.3 Resin Type
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2.3.1 Acrylic
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2.3.2 Alkyd
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2.3.3 Epoxy
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2.3.4 Polyurethane
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2.3.5 Polyester
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2.3.6 Other Resin Types
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2.4 Layer
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2.4.1 Basecoat
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2.4.2 Clearcoat
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2.4.3 Electrocoat
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2.4.4 Primer
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Mexico Automotive OEM Coatings Market Size FAQs
What is the current Mexico Automotive OEM Coatings Market size?
The Mexico Automotive OEM Coatings Market is projected to register a CAGR of greater than 4.70% during the forecast period (2024-2029)
Who are the key players in Mexico Automotive OEM Coatings Market?
Akzo Nobel N.V., Axalta Coating Systems, BASF SE, PPG Industries, Inc. and The Sherwin-Williams Company are the major companies operating in the Mexico Automotive OEM Coatings Market.
